Marcus & Millichap closed the sale of The Molokai Apartments, a 39-unit multifamily property in San Diego. The property sold for $11.2 million, or $287,179 per unit.
“The property received a tremendous amount of attention from the investment community due in part to its spacious floor plans, which average more than 800 square feet and are significantly larger than the average units in the area,” said Austin Ray Huffman, senior director investments. “Buyers were also drawn to the property’s tenant amenities, including a private pool, secure access, storage and off-street parking.”
Huffman and Chris Zorbas, of the Zorbas Huffman Group based out of Marcus & Millichap’s San Diego office, marketed the property on behalf of the seller, Vista International, Inc. The buyer, a private investor, was represented by Michael Wolf of Coldwell Banker West.
Built in 1971, The Molokai Apartments is a 32,204-square-foot property situated on 0.99 acres at 5055 73rd St. in San Diego’s College East neighborhood.
